Management buyout for specialist crane supplies firm
A management buyout has resulted in the managing director of a company which supplies electrical equipment to the crane industry becoming its major shareholder.
SIMBAL was founded in 1979 and now has a turnover of £1.5m, with more than 600 customers around the world for its electrical equipment such as conductor systems, electrical cables and remote radio control systems to both crane manufacturers and crane service companies.
Its seven-strong team has built the business on the back of strong technical service and experience, sourcing products world-wide.
The new boss, Steve Woolley, who takes over from Brian and Sandra Ball, has been in the industry all his working life and joined SIMBAL five years ago from Street Crane Company, one of the world's top crane manufacturers. Both firms are based in Chapel-en-le-Frith.
He said, "Our main goal is to build long term relationships that meet the needs of our customer and suppliers. This transaction gives us a sound platform to continue with this approach."
Corporate finance for the MBO was provided through the Manchester office of RBS and included an Enterprise Finance Guarantee loan.
The senior manager of the bank's structured debt solutions team, Deborah Jones, said SIMBAL had a solid and well-established business with a diverse customer base, but declined to disclose the cost of the management buyout.